Acuity Brands (AYI) shares fell about 18% on Wednesday after the lighting and building management company provided downbeat sales guidance for its current fiscal quarter while reporting results that missed Wall Street expectations for its most recent quarter.
The company said it in its fiscal Q4 earnings statement that it anticipates fiscal Q1 sales to be down in the mid-to-high single-digit percentage range, compared with the year-ago period. Analysts surveyed by Capital IQ had projected fiscal Q1 sales to grow to $935.5 million, from $932.6 million reported last year.
For fiscal Q1 ended Aug. 31, Acuity Brands reported adjusted EPS increased to $2.75 from $2.68 a year ago. That lagged behind the analyst consensus of $2.82. Fiscal Q4 sales decreased to $0.94 billion, from $1.06 billion, also trailing the analyst average estimate of 1.03 billion.